Mobile money transactions have significantly increased, according to data from the Bank of Ghana, which reflects the nation’s increasing use of digital financial services.
The overall number of mobile money transactions rose significantly in just one month, from 705 million in September 2024 to 728 million in October 2024.
The total value of Momo transactions increased from GHS 284.9 billion to GHS 298.6 billion as a result of this increase. Nonetheless, throughout the reviewed period, the balance of float, or the total amount of money in mobile money accounts, decreased from GHS 25.1 billion to GHS 24.2 billion.
Although there are still economic and regulatory issues, such as calls to eliminate or lower the E-levy rate, the rise in mobile money usage in October 2024 can be ascribed to favorable changes in market dynamics.
The entire transaction value increased from GHS 2.5 billion to GHS 2.8 billion in terms of mobile money interoperability. Additionally, the overall quantity of interoperability transactions rose from 18.5 million to 19 million.
Additionally, the transaction value of cheques cleared through mobile money grew from GHS 32.8 billion to GHS 38 billion, with the number of such transactions rising from 452,000 to 506,000.
Additionally, the number of registered and active mobile money accounts increased throughout this time. Active accounts climbed marginally from 23 million to 23.3 million, while registered accounts jumped from 71.2 million to 71.9 million. On the commercial side, the number of active Momo agents decreased from 456,000 to 404,000, despite a 5,000 increase in the number of registered agents in a single month, from 867,000 to 872,000.
According to the data, the number of transactions grew from 53,000 to 84,000, and the total transaction value under direct debit through the Automated Clearing House (ACH) increased from GHS 250.2 million to GHS 327.6 million. In contrast, the total number of direct credit ACH transactions climbed from 785,000 to 874,000, and the transaction value increased from GHS 10.3 billion to GHS 11.7 billion.
